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University Pension Schemes

HMRC Online Service

From 6 April 2016, the Lifetime Allowance decreased from £1.25m to £1m.  This is equivalent to an annual pension of £43,000 p.a. plus a tax free lump sum.   Any benefits above this will be taxed when the individual retires.

HMRC has launched a new service which will allow members to apply online for Individual Protection. 

Individual Protection is available for individuals who have pension savings of at least £1m as at 5 April 2016.  If granted, these individuals will retain their LTA as at 5 April 2016, and can continue to contribute to USS or elect to opt out via the USS Enhanced Opt Out option.  Any pension savings above the approved LTA will be subject to tax when the individual retires.

Individuals can apply for Individual Protection at - https://www.gov.uk/log-in-register-hmrc-online-services

More information on the LTA can be found - https://www.gov.uk/guidance/pension-schemes-protect-your-lifetime-allowance

Love Later Life Pre-Retirement Workshop

Age Scotland will deliver this in-house for University staff several times a year.  This excellent one day workshop aims to provide pre-retirement training and information which supports people as they move from their working life to later life and retirement. Suitable for age 50 -70.  Subject areas covered are Financial Matters: Health and Wellbeing: Legal Matters: Career Opportunities: Age Scotland Enterprises.  Dates and booking information can be found on this page:

https://www.st-andrews.ac.uk/staff/ppd/lovelaterlifeworkshops/

For further Information and free publications http://nowandnext.scot/

New legislation relating to workplace pensions requires employers to automatically enrol specific groups of their workers into a pension scheme.  For the University, the date from which we need to implement auto enrolment is 1 July 2013.

If you are already an active member of one of the University’s pension schemes (USS, S&LAS, NERC) there will be no change for you as a result of auto enrolment.

More information on auto enrolment can be found on the auto enrolment page.

The University offers the following pension schemes - 

University of St Andrews Superannuation & Life Assurance Scheme (S&LAS)

  • You can join this scheme if you are employed by the University in a post which falls into Grades 1-5 (inclusive).    To join the S&LAS, please return the application form which is included in your information pack when you join the University.
Universities Superannuation Scheme (USS)
  • You will be automatically enrolled into USS if you are on a post which falls into Grades 6-9 (inclusive).   

NOW: Pensions

  • You will be automatically enrolled into NOW: Pensions if you are Grades 1 - 5 (inclusive), and have not joined the S&LAS Pension Scheme.

Paysave 

From 1 April 2008, the University introduced Paysave as a more effective way of contributing to your pension and saving for your retirement.  For more information on Paysave, please see the Paysave booklets (under the Documents section).

Other information:

For more information about pensions, please contact Lisa Harley, Pensions Administrator, on ext 2546 or by email.